STANLEY, Va., Oct. 29 /PRNewswire-FirstCall/ -- Pioneer Bankshares, Inc. (BULLETIN BOARD: PNBI) , parent company of Pioneer Bank, reported net earnings of $1.3 million for the period ending September 30, 2010, as compared to $935,000 for the same period of 2009. This represents an increase of 39.04%. Total earnings per share as of September 30, 2010 were $1.26 compared to $0.91 for the same period last year.
The Company had asset growth of approximately $6.2 million through September 30, 2010, with approximately $5.4 million being attributed to increased loan volume. Investments in securities available for sale increased by approximately $356,000 for the period ending September 30, 2010, as compared to total securities available for sale at December 31, 2009. Investments in interest bearing deposits also increased by $4.2 million for the period ending September 30, 2010, while investments in Federal Funds Sold decreased by $1.0 million for the same period compared to balances as of December 31, 2009.
The Company's deposit portfolio remains relatively stable at approximately $132.0 million as of September 30, 2010. The capital position of the Company remains above regulatory guidelines and is considered to be strong as of September 30, 2010 at $18.9 million, or 11.41% as a percentage of total assets.
The Company's book value as of September 30, 2010 was $18.35 per share, as compared to a book value of $17.40 per share as of December 31, 2009. This represents an increase of 5.46%. Shareholder dividend payments for the first three quarters of 2010 totaled $0.44 per share compared to $0.43 per share for the same period last year. This represents a year-to-date increase of 2.33% for the company's shareholders.
Management acknowledges that prevailing economic conditions may have the potential to adversely impact the Company's operational results, including future earnings, liquidity, and capital resources. Management continually monitors economic factors in an effort to promptly identify specific trends that could have a direct material effect on the Company.
Pioneer Bankshares, Inc. is a one-bank holding company headquartered in Page County, Virginia. It owns and operates Pioneer Bank with six banking locations. The Company's main branch and corporate office is located in Stanley, Virginia, with other branch locations in Shenandoah, Luray, Harrisonburg, Stanardsville, and Charlottesville, Virginia.
Additional financial information for the period ending September 30, 2010 is included below.
PIONEER BANKSHARES, INC. CONSOLIDATED BALANCE SHEETS (In Thousands of Dollars) September 30, December 31, 2010 2009 ---- ---- (Unaudited) (Audited) ASSETS Cash and due from banks $2,936 $5,252 Interest bearing deposits in banks 10,934 6,724 Federal funds sold 500 1,500 Securities available for sale, at fair value 13,355 12,999 Restricted securities 981 788 Loans receivable, net of allowance for loan losses of $2,291 and $1,945 respectively 130,038 124,660 Premises and equipment, net 3,407 3,582 Accrued interest receivable 711 644 Other real estate owned 250 352 Other assets 2,979 3,402 ----- ----- Total Assets $166,091 $159,903 ======== ======== LIABILITIES Deposits Noninterest bearing demand $25,489 $27,316 Interest bearing Demand 20,066 17,381 Savings 16,108 15,802 Time deposits over $100,000 25,457 21,934 Other time deposits 44,534 49,581 ------ ------ Total Deposits 131,654 132,014 Accrued expenses and other liabilities 1,488 1,473 Borrowings 14,000 8,500 ------ ----- Total Liabilities 147,142 141,987 ------- ------- STOCKHOLDERS' EQUITY Common stock; $.50 par value, authorized 5,000,000, 1,032,418 and 1,029,466 shares outstanding, respectively 516 515 Retained earnings 18,190 17,300 Accumulated other comprehensive loss, net 243 101 --- --- Total Stockholders' Equity 18,949 17,916 ------ ------ Total Liabilities and Stockholders' Equity $166,091 $159,903 ======== ======== PIONEER BANKSHARES, INC. CONSOLIDATED STATEMENTS OF INCOME (In Thousands of Dollars, except share and per share data) (UNAUDITED) Nine Months Ended September 30, ------------- 2010 2009 ---- ---- Interest and Dividend Income: Loans including fees $6,585 $6,501 Interest on securities - taxable 151 317 Interest on securities - nontaxable 105 71 Interest on deposits and federal funds sold 111 149 Dividends 40 26 --- --- Total Interest and Dividend Income 6,992 7,064 ----- ----- Interest Expense: Deposits 1,293 2,020 Long term debt 80 176 --- --- Total Interest Expense 1,373 2,196 ----- ----- Net Interest Income 5,619 4,868 Provision for loan losses 645 710 --- --- Net interest income after provision for loan losses 4,974 4,158 ----- ----- Noninterest Income: Service charges and fees 652 723 Other income 234 138 Gain (Loss) on security transactions (54) 133 --- --- Total Noninterest Income 832 994 --- --- Noninterest Expense: Salaries and benefits 1,819 1,652 Occupancy expenses 276 260 Equipment expenses 351 431 Other expenses 1,456 1,450 ----- ----- Total Noninterest Expenses 3,902 3,793 ----- ----- Income before Income Taxes 1,904 1,359 Income Tax Expense 604 424 --- --- Net Income $1,300 $935 ------ --- Per Share Data Net income, basic and diluted $1.26 $0.91 ===== ===== Dividends $0.44 $0.43 ===== ===== Weighted Average Shares Outstanding, Basic and Diluted 1,030,715 1,022,185 ========= =========
Pioneer Bankshares, Inc.
CONTACT: Thomas R. Rosazza, President/CEO, +1-540-778-2294
Web Site: http://www.pioneerbks.com/
